Bitcoin price rises ahead of Trump's speech at crypto summit
Bitcoin rose more than 3% on Thursday to trade above $86,000 (£66,382), a 7% gain in the past week, according to CoinGecko data.
Trump's upcoming speech follows a significant policy move earlier in March, when he signed an executive order establishing the US Strategic Bitcoin Reserve (SBR). The order states that bitcoin deposited into the reserve will not be sold, but instead maintained as a long-term strategic asset to bolster the US's financial stability.
Joining the speaker lineup at DAS is Strategy's (MSTR) — formerly MicroStrategy — Michael Saylor, who will deliver a keynote speech, BlackRock's (BLK) head of digital assets Robbie Mitchnick and Nasdaq's (^IXIC) head of US equities & exchange-traded products Giang Bui.
Trump's participation was confirmed following comments from Bo Hines, executive director on digital assets for president Trump, who spoke at DAS earlier this week. Hines reiterated the administration's commitment to bitcoin accumulation for the Strategic Bitcoin Reserve, saying: "It's high time that our president started accumulating assets for the American people, which is what president Trump is doing rather than taking it away.'
Read more: Crypto live prices
In a post on X.com Blockworks co-founder Jason Yanowitz said: 'When we started Blockworks, we could barely get someone from a bank to attend an event. Now we have a sitting US president addressing 2,500 institutional participants. It is incredible how far this industry has come."
During his 2024 presidential campaign, Trump said he wanted to position the US as the 'world's crypto capital.' In the summer of 2023, he spoke at the Bitcoin 2024 conference in Nashville, Tennessee, where he hinted at plans to form a national bitcoin reserve.
Since taking office in January, he has signed executive orders instructing regulatory bodies to accommodate digital assets, established a White House crypto advisory team, and created both the US Strategic Bitcoin Reserve and Digital Asset Stockpile. He has also appointed pro-crypto figures to key regulatory positions, including the SEC and Treasury Department.
Bitcoin's price increase comes as the US Federal Reserve left its benchmark federal funds rate unchanged at 4.25%-4.50% on Wednesday, marking the second consecutive pause following three straight rate cuts in late 2024.
The Fed's latest economic projections indicate a slowdown, with 2025 GDP growth now expected at just 1.7%, down from December's 2.1% forecast. Growth projections for 2026 and 2027 have also been revised downward.
"Uncertainty around the economic outlook has increased," the US central bank said, likely referring to economic volatility stemming from Trump's proposed tariff policies.
Read more: What are bitcoin ETNs?
In addition to slowing growth, core PCE inflation is now forecasted at 2.8% for 2025, up from the previous 2.5% estimate. Projections for 2026 and 2027 remain at 2.2% and 2.0%, respectively.
The Fed's "dot plot" still continues to project two rate cuts by the end of this year. At Wednesday's Federal Open Market Committee press conference, Fed chair Jerome Powell also announced that the central bank will slow the pace of its balance sheet reduction from April.
As part of this shift in quantitative tightening (QT), the Fed will lower the monthly cap on Treasury securities allowed to mature without reinvestment from $25bn (£19bn) to $5bn (£3.86bn), effective 1 April. When the Federal Reserve slows quantitative tightening or implements quantitative easing (QE), it injects liquidity into the financial system, which could lead to greater capital flows into riskier assets, such as bitcoin.
Read more:
Why pension funds are buying bitcoin
What we know about Elon Musk's controversial blockchain vision for US
How AI could change the internet
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Ukraine needs long-term security guarantees, Taoiseach says
International borders must not be changed by force, the Taoiseach has said, ahead of a meeting between the presidents of the United States and Ukraine. Micheal Martin attended a virtual leaders' meeting of the so-called 'coalition of the willing' in support of Ukraine on Sunday. The call was convened by Sir Keir Starmer, French President Emmanuel Macron and German Chancellor Friedrich Merz. On Monday, Volodymyr Zelensky is meeting Donald Trump with several EU leaders, including Sir Keir, also travelling to Washington DC in a show of solidarity with the Ukrainian president. Mr Martin, who will not be in Washington, said he had assured Mr Zelensky on Sunday that Ireland will 'continue to steadfastly support Ukraine'. EU leaders have agreed that sanctions and wider economic measures 'will be reinforced' if Russia continues its military action. The Taoiseach also said that he believes Ukraine needs 'long-term security guarantees'. Speaking after Sunday's online conference, Mr Martin said: 'I welcomed the opportunity to join other European leaders today to discuss developments on ending the war in Ukraine. 'We had a very useful engagement with President Zelensky as he prepares to meet with President Trump tomorrow in Washington. 'I welcome the initiative by President Trump to seek the ending of the Russian war of aggression against Ukraine. Ireland, together with our European partners, continues to contribute to these efforts to achieve a just and lasting peace for Ukraine.' The meeting of European leaders follows the US president's summit with Russian leader Vladimir Putin in Alaska on Friday. Mr Martin said it is 'essential that Ukraine is a full participant' in any discussions regarding its future. He said: 'I therefore welcome that President Zelensky will meet with President Trump in Washington tomorrow, together with other European leaders. Mr Martin said he stressed that international law and principles of independence, sovereignty and territorial integrity need to be respected for security in the region. 'It will be up to Ukraine to make decisions on its territory. International borders must not be changed by force. 'I fully agree that Ukraine needs strong, credible, long-term security guarantees. This will mean sustained support from Europe, the United States and other partners. 'Ireland stands ready to play our part. Earlier this year we committed to providing non-lethal military support to Ukraine and we will look to do more. 'At today's meeting, I also reiterated Ireland's readiness to contribute to any peacekeeping force that is in line with the UN Charter.' The Taoiseach said Ireland will also continue to support Ukraine's EU membership ambitions, adding that Russia 'cannot have a veto' on the matter. 'Our joint efforts for peace should be combined with firm and co-ordinated pressure on Russia to agree to a ceasefire and engage seriously with negotiations on a just and lasting peace. 'We agreed today that sanctions and wider economic measures will be reinforced if Russia does not stop the killing. 'The human dimension and accountability must also be at the centre of a just and lasting peace for Ukraine. 'Russia must urgently return Ukrainian children who they have abducted as well as prisoners of war and civilians being held unlawfully.'
Yahoo
13 minutes ago
- Yahoo
Volodymyr Zelenskyy to press for ceasefire at Donald Trump meeting
Volodymyr Zelenskyy will ask Donald Trump to increase pressure on Russia for a ceasefire in the Ukraine war at a White House meeting on Sign in to access your portfolio
USA Today
15 minutes ago
- USA Today
Meeting locations, a statue for Putin: Details of Alaska summit were left on hotel printer
Government documents with details about meeting schedules and seating charts − as well as an extravagant menu and reminder to pronounce President Vladimir Putin's name "POO-tihn," were accidentally left in a hotel printer in Alaska amid President Donald Trump's meeting with the Russian leader. The documents with State Department markings, reported by NPR, were discovered in the printer in an Anchorage hotel around 9 a.m., hours before Trump's summit with Putin at a nearby military base. Hotel guests shared the pages with NPR. The documents laid out the precise locations and meeting times of the summit at Joint Base Elmendorf–Richardson, as well as phone numbers of government employees and the menu for a planned three course lunch that did not occur, including which chairs the presidents would use. The documents appear to have been produced by federal government staff and were left behind. Some of the information, including plans for a lunch and a news conference, was made public before the meeting took place. But much of it was the type of information the White House wouldn't usually share until after an event, such as whether a gift was exchanged. Some of the details verged into sensitive information that wouldn't typically be made public at all, such as what times Trump would be in what room. Security incidents Planned movements of the president and meetings with world leaders, such as which seat they will take during a meeting, are often kept secret until they take place for security reasons. When such security breaches have happened before they are normally considered international incidents and are investigated. In 2023, a police document detailing President Joe Biden's movements, including which streets would be closed and other security measures, were found on a Belfast street while the president was in Ireland. The White House did not immediately return a USA TODAY request for comment Aug. 17. But Deputy White House Press Secretary Anna Kelly told NPR Aug. 16 that the papers were a "multi-page lunch menu" and suggested leaving the information on a public printer was not a security breach. Kelly also dismissed the article in a statement to NewsNation. 'It's hilarious that NPR is publishing a multi-page lunch menu and calling it a 'security breach,'' Kelly said. 'This type of self-proclaimed 'investigative journalism' is why no one takes them seriously and they are no longer taxpayer-funded thanks to President Trump.' Lunch menu Two of the pages seen by NPR included a menu for the canceled lunch, which was to include filet mignon with brandy peppercorn sauce and halibut olympia, a green salad and crème brûlée. The other pages included which seats Trump, Putin and their aides would take during the lunch and which rooms they would be in at what time. The remaining pages include contact information for staff members as well as the names of the 13 U.S. and Russian state leaders who attended, including phonetic pronounciation of the Russian names. Among the details was a gift from Trump to Putin, an "American Bald Eagle Desk Statue." Ukrainian President Volodymyr Zelenskyy and leaders of several European countries are scheduled to meet with Trump at the White House August 18.
